Jumat, September 12, 2008

Preliminary investment agreement with German company

Diwaniya governor on Thursday revealed a preliminary agreement with a German company to invest in several giant projects in Diwaniya province.

"A preliminary investment agreement has been made with the company to establish a tourist hotel, an entertainment area and a modern market, where foreign and Arab companies can display their products," the governor, Hamid al-Khodari, said during a press conference held in Diwaniya and attended by the company's director general.

Meanwhile, the company's director general said that it has assessed the economic situation in the province and has reached several preliminary investment agreements with the local government.

"The local government is ready to offer all facilities to our company," he noted, adding that the main obstacle facing foreign companies in the country is Iraqi banks, which he said still adopt routine and lengthy procedures despite being mostly run by the Central Bank of Iraq (CBI).

Diwaniya lies 180 km south of the Iraqi capital Baghdad.

In 2002, the population of Diwaniya was estimated at 420,000. The area around the province, which is well irrigated from the nearby Euphrates River, is often considered to be one of the most fertile parts of Iraq, and is heavily cultivated.

The town is located on the main rail transport corridor between Baghdad and Basra. For birdwatchers, Diwaniya is a city with a rich bird list, as it has a wide range of biodiversity.